Existing Home Sales, Sentiment Rising; Builders Slip

Existing home sales rose to a seasonally adjusted annual rate of 4.79 million in October from 4.69 million in September (a figure that had been revised lower).

"The evidence continues to build that the housing market has turned the corner and it appears that the recovery is running ahead of our expectations and should perhaps be described as moderate rather than modest. Apart from the Northeast, where Hurricane Sandy may have postponed some closings at the end of the month, the major geographical regions show an...